First National Bank (Lumberton, MS)

View Charter #5613 on SPMC View balance sheet

Episode Information

Episode Type
Suspension → Closure
Start Date
February 6, 1933
Location
Lumberton, Mississippi (31.001, -89.452)
Bank Type
national
Charter Number
5613

Metadata

Episode ID
Bank ID
City ID
280693845
Model
gpt-5-mini
Short Digest

Receivership Details

Depositor recovery rate
44.2%
Date receivership started
1933-02-09
Date receivership terminated
1936-11-30
Share of assets assessed as good
12.1%
Share of assets assessed as doubtful
80.4%
Share of assets assessed as worthless
7.5%

Notes

Newspaper states receiver appointed Dec 8, 1933, but government-record receivership date is 1933-02-09; used official date for receivership event.

Events (4)
1. November 2, 1900 Chartered
Source
historical_nic
2. February 6, 1933 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank suspended and closed due to insolvency
Newspaper Excerpt
On February 6, 1933, the First National Bank aforesaid suspended business and closed its doors in insolvency;
Source
newspapers
3. February 9, 1933 Receivership
Newspaper Excerpt
thereafter, on December 8, 1933, A. F. Rawlings was duly appointed Receiver of said defunct bank by the Comptroller of the Currency of the United States and he is now the duly qualified and acting Receiver of said defunct bank and in charge of the assets, property and affairs thereof, and engaged in the proper administration of the same under the statutes and rules and regulations promulgated thereunder and applicable in such case.
Source
newspapers
4. February 9, 1933 Receivership
Source
historical_nic

Newspaper Articles (4)
1. September 27, 1934 The Picayune Item Picayune, MS

Article Text

FORECLOSURE SALE On March Thomas Mittie Bounds Thomas, executed livered Trustee, and benefit the First National Bank, Lumberton, Mississippi, their trust said Bank and therein corner sold Creek Baptist Church, tion Range County, Mississippi. Said record the Clerk the Chancery the County Courthouse, Pearl Mississippi, Land Mortgage Book No. thereof. of though therefor February 1933, the First National Bank aforesaid suspended its defunct Comptroller Currency United States and acting Receiver said defunct qualified bank and charge the property affairs thereof, and engaged under statutes the and regulations mulgated and applicable The Receiver's appointment aforesaid record the the Chancery Land Deed Record No. Page having been instructed Receiver behalf being the legal owner aforesaid and the holder evidencing the trust deed securing the same, he having the trust October 1934, hours, the East front County Courthouse, Poplarville, Pearl offer for sale will sell Mississippi, the highest and cash public outery bidder the property scribed trust deed herein-before sufficiency theresatisfy the aforesaid indebtedness and legal Title said property believed by good, but will only in trustee signature, this the 17th day Witness September JOHN Trustee. 39-40-41-42

2. October 4, 1934 The Picayune Item Picayune, MS

Article Text

FORECLOSURE SALE Thomas and wife, On March 12, Mittie Bounds Thomas, and livered Trustee, First National Bank, their trust Lumberton, Mississippi, indebtedness evidencing and securing by said Bank owning security said therein collateral of of corner sold Hickory Creek Baptist Church, Township South, Range Mississippi. Pearl River County, record the Said the Chancery Court the Clerk Poplarville, Pearl the County Courthouse, Mississippi, Land Mortgage River County, thereof. Book No. Pages secured The and default therefor hath though frequent demand the First National On February 1933, suspended thereafter, doors Rawlings December said defunct appointed Receiver of the Currency of the by the Comptroller the duly United States and now and acting Receiver said defunct charge the property affairs thereof, engaged of the under per and the rules and regulations statutes thereunder and applicable mulgated The the Chancery record Land Deed Record Book No. aforesaid, 39, Page having been instructed Therefore, aforesaid, on behalf the Receiver being the legal trust aforesaid, and the holder indebtedness evidencing trust note same, he securing the with law and the trust October 1934, the East front hours, County Courthouse, River Mississippi, offer highest and best public outery property bidder the trust deed scribed sufficiency therewill indebtedness and the aforesaid satisfy legal cost. believed Title said property

3. June 13, 1935 The Picayune Item Picayune, MS

Article Text

The Golden Rule Home Demonstration club at White Chapel will give a benefit ice cream social at the Chapel on Saturday, June 15, from five to nine. All candidates are cordially invited to meet their friends both old and new. NOTICE—TRUSTEE'S FORECLOSURE SALE WHEREAS, On August 7, 1929, Leslie Du Bose executed and delivered unto John A. Yeager-Trustee, his certain trust deed securing an indebtedness then owing by him to the First National Bank, of Lumberton, Miss., beneficiary; said trust deed appears of record in Mortgage Record Book No. 18, pages 315-316, office of the Clerk of the Chancery Court, Poplarville, Pearl River County, Miss., also of record in Mortgage Record Book No. 24, page 129, office of the Chancery Clerk, Purvis, Lamar County, Miss., and naming therein as collateral security to said debt, viz: "The East half of the Southeast Quarter of the Northwest Quarter (E 1/2 SE 1/4 NW 1/4) and the West Half of the Southwest Quarter of the Northeast Quarter (W 1/2 SW 1/4 NE 1/4) of Section Twelve (12) Township One (1) South of Range Fifteen (15) West, together with all improvements thereon situated," Pearl River County, Miss. The indebtedness so evidenced and secured is long since past due and in default of payment, though frequent demand therefore hath been made. Notice of this sale hereby given Dr. D. J. DuBose, Mrs. Eula Earles, as their interests may appear (See Deed Books 38, page 381, & 40, page 47) Clerk's office Poplarville aforesaid. On February 6, 1933, the First National Bank aforesaid suspended business and closed its doors in insolvency; thereafter, on December 8, 1933, A. F. Rawlings was duly appointed Receiver of said defunct bank by the Comptroller of the Currency of the United States and he is now the duly qualified and acting Receiver of said defunct bank and in charge of the assets, property and affairs thereof, and engaged in the proper administration of the same under the statutes and rules and regulations promulgated thereunder and applicable in such case. The Receiver's appointment aforesaid is of record in Land Deed Record Book DD at page 291 thereof, Purvis, Lamar County, Miss., office of the Chancery Clerk; and recorded in Land Deed Record Book No. 39, page 377 thereof, Poplarville, Pearl River County, Miss., office of the Chancery Clerk. Therefore, I having been instructed so to do by the Receiver aforesaid—he, on behalf of his trust aforesaid, being the legal owner of the indebtedness aforesaid and the holder of the note evidencing and the trust deed securing the same, and he having instructed me so to do in accordance with law and the convenants of the trust deed, I will, on Monday, 8 day of July, 1935, within legal hours, at the East front door of the Pearl River County Courthouse, Poplarville, Mississippi, offer for sale and will sell at public outcry to the highest and best cash bidder therefor, the land and property described in the trust deed and herein-above set out, and/or will sell a sufficiency thereof to satisfy the aforesaid indebtedness and legal costs. TITLE to said property is believed to be good, but I will convey only such title as is vested in me as trustee in the prem-

4. September 11, 1935 Hattiesburg American Hattiesburg, MS

Article Text

VITAL CHANCERY RULING GIVEN Ruling that the notice given by the Forrest county board of supervisors regarding the equalization of assessments in 1930 "was misleading and thereby void," Chancellor Ben Stevens today in chancery court sustained the plea of J. W. Ladner, who sought to prevent A. F. Rawlings, receiver of the First National Bank of Lumberton, from receiving a clear title to the 80 acres of land purchased through a tax sale in 1931. The decision of the chancellor is one of the most important rulings made in a number of years in this chancery district. It is likely to have a far-reaching effect, not only in this county but throughout the state where the boards of supervisors have followed the procedure under question. Writ Issued A former chancellor, T. Price Dale, represented Mr. Ladner, while John Yeager, of Lumberton, argued for the bank receiver. Mr. Ladner was one of the defendants in the case styled A. F. Rawlings, receiver for the First National Bank of Lumberton, vs. Hinton Bros. Lumber company et al. A writ of pro confesso was granted in favor of the plaintiff against the Hinton Bros. Lumber company before the arguments were made in the Ladner case. The decree was given (Continued On Page Thirteen)